I designed this indicator to help me identify Option CALL and PUT signals for the QQQ and SPY on the 1 min chart.
Summary of how it works
1. It identifies the Pre-Market channel High and Low and draws green and red lines for the day at these levels.
2. Waits for a morning or afternoon sessions breakout/breakdown of price out of that channel.
3. The buy a CALL or PUT signal is when price pulls back to the EMA Medium line after breaking out of the channel.
4. Settings allow adjusting of when the signal happens
5. EMA Short (5) and EMA Medium (20) must stay apart for a selectable number of bars
6. For a CALL signal, the Price and EMA Medium (20) must be above the Pre Market High line when price pulls back to EMA Medium (20) line
7. There is a selectable adjustment to allow the signal to trigger when the price comes within a close enough range of the EMA Medium and PM High lines
8. There is a TICK.US filter that you can use to only signal a CALL when the TICK.US 10 min chart shows the average of the EMA5 and EMA20 is over 100
9. It has Buy and Sell signal Alerts and user adjustable Stop Loss and Profit Taker settings.
10. EMA Settings are adjustable and can show up to 3 EMA's on the chart. I personally like the EMA5 and 20. Others may use something similar like 9 and 21. It's user selectable.